1417.02 OPTION AND NOTICE REQUIRED.

   (a)   All tenants in a conversion condominium development shall be offered an option in writing, exercisable within not less than one hundred twenty (120) days after notice, to purchase a condominium ownership interest in the development, and after the expiration of such one hundred twenty (120) day period, tenants choosing not to purchase a condominium ownership interest shall be given written notice of not less than one hundred twenty (120) days, and if the tenant is an elderly or handicapped tenant, written notice of not less than one hundred eighty (180) days, prior to being required to vacate the premises to facilitate the conversion. At the time a tenant is offered an option to purchase as provided herein, the developer shall also provide such tenant with a copy of this chapter, or a summary thereof, which the developer may obtain from the Director of Building and Housing.

   (b)   A tenant choosing not to purchase a condominium unit may waive his option and notice as provided in subsection (a) hereof, providing the tenant acknowledges in writing that he understands that the developer will, in reliance upon the tenant's waiver and agreement to vacate by a certain date, be entering into a contract to sell to parties other than the tenant and deliver possession of the condominium unit prior to the expiration of the one hundred twenty (120) days or, if the tenant is elderly or handicapped, one hundred eighty (180) days, notice periods. A waiver in a lease shall not be considered a waiver of a tenant's rights to be given an option and notice as provided in subsection (a) hereof.

   (c)   A tenant whose written lease remains in effect beyond the option and notice periods provided in subsection (b) hereof shall be entitled to remain in the apartment throughout the term set forth in such lease.

   (d)   This section shall not apply to evictions for purposes other than for the purpose of converting an apartment into a condominium.

(Ord. 17-92. Enacted 11-13-17.)